Musk Says Apple Losing Luster; Ford May Fail in Next Recession

03 November, 2018, 04:27 | Author: Eric Barnett
  • Tesla Investors Urge Directors to Go Beyond SEC's Board Overhaul

The subpoena confirms that the SEC is investigating the company's production claims.

But now Tesla seems to finally be taking a step toward the vision the company first laid out in 2016.

Some critics express concern over vehicles being in the line of sight, however, Musk clarifies that Tesla has chosen this route not for convenience or as an engineering choice, but rather for safety.

The company originally said in its third-quarter earnings call previous year that it would reach full production of 5,000 Model 3s per week in the first quarter of 2018.

At the time, Tesla said it was cooperating with authorities and stated "to our knowledge, no government agency in any ongoing investigation has concluded that any wrongdoing occurred".

Department of Justice prosecutors have also asked for the company to provide information about production numbers, according to Tesla, although it stopped short of issuing a formal subpoena.

A year ago, a group of shareholders sued the company in federal court alleging that it made false statements about Model 3 production and misled investors.

Tesla finally met that target in June of this year. It's also key to the company's cash flow and pledge to make quarterly net profits into the future.

The company said then it had booked $52 million in "zero emission vehicle" credit sales. Next time, Ford may not be so lucky, he said.

Tesla Inc. said on Friday that it is developing plans to start producing about 3,000 Model 3 vehicles per week in Shanghai in the initial phase of its Gigafactory 3 to reduce the impact of tariffs.

Tesla shares closed up less than half a percent to $346.41 on Friday.



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